During Monday’s trading session, the yellow metal passed through the support level of the 23.60% Fibonacci retracement level to end the trading day at 1,280.00. On Tuesday morning, gold was located at the 1,284.88 mark.
In regards to the near-term future, most likely, the yellow metal will continue to depreciate against the US Dollar to end today’s trading session near the weekly S2 at the 1,276.65 mark.
Note, due to the fact that the previously drawn pattern was broken, the chart was fully reviewed to draw a new pattern!
